Climate Politics
EU Deputy Looks to Cap Windfall Profit in Power Price Crisis
- Parliament would seek infra-marginal revenue cap, report says
- Reform of electricity market comes after record high prices
Maintenance on a line of photovoltaic panels at the Cestas Solar Park in France.
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
The European Union should strengthen its emergency rules so that citizens don’t bear the brunt of surging electricity prices during a crisis, said a key lawmaker who’s pushing for more market intervention in upcoming reforms.
The bloc should allow for the revenues of renewable energy producers like wind and solar, as well as nuclear, to be capped during an energy crisis, according to a draft report compiled by Nicolas Casares, the socialist lawmaker leading negotiations for the European Parliament, and seen by Bloomberg.